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In cases where a company is under
severe financial pressure, the directors of that company may
need a breathing space to better consider the available options.
An administration achieves a freeze on creditors actions.
The administration order regime changed
entirely on the 15th September 2003. On that day:
- All of the provisions of the
Insolvency Act 1986 concerning administration were substituted
- By new provisions under
the Enterprise Act 2002.
The new provisions make a "company
rescue" more easily achieved as the route to appointing
an administrator has been simplified.
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